Emirates Islamic Posts $300M Net Profit as Q1 Growth Signals Strong Banking Momentum
Dubai-based Emirates Islamic reported solid financial results for the first quarter of 2026, underscoring continued momentum across key banking indicators despite a complex global economic environment.
The bank recorded operating profit of AED 1.1 billion ($300 million) for the three months ending March 31, reflecting a 7% year-on-year increase. Net profit reached AED 0.9 billion, supported by steady income growth and improved financing activity.
Total assets rose 2.5% to AED 149 billion, while customer financing expanded by 6% to AED 94 billion, signaling sustained demand across lending segments. Customer deposits also increased by 7% to AED 109 billion, with current and savings accounts accounting for a strong 66% of total deposits - a key indicator of low-cost funding strength.
The bank’s total income grew by 6% to AED 1.5 billion, driven by both funded and non-funded income streams, reinforcing the resilience of its diversified revenue base.
Asset quality metrics also showed improvement, with the ratio of low-cost risk exposures declining to 2.5%, alongside a robust coverage ratio of 153.2%, reflecting prudent risk management and strong balance sheet positioning.
Chairman Hesham Abdulla Al Qassim said the results highlight the UAE’s financial resilience and the bank’s ability to deliver consistent growth, while CEO Farid AlMulla pointed to continued expansion across core business lines as a key driver of performance.
Separately, Emirates Islamic recently secured a $500 million syndicated Murabaha financing facility with a five-year tenor, attracting strong participation from leading international banks. The transaction underscores the bank’s access to global liquidity and its positioning as a trusted partner in the Islamic finance space.
The results reinforce the strength of the UAE banking sector, which continues to benefit from economic growth, rising liquidity, and strong investor confidence.